14 November 2017 – Expansión
Barcelona’s luxury residential market has a new player. The Twin Peaks Capital family office, which is headquartered in Madrid but which is funded by capital from the Catalan Escoda family, has acquired the building located at number 30 Paseo de Gràcia in Barcelona. It is going to convert the property into super luxury apartments, which it expects to sell for prices of around €15,000/m2.
According to sources close to the operation – which does not include the retail premises – the fund has paid just over €25 million to the former Agrupació Mútua for the top six floors of the building, which span 3,200 m2. This property, which used to house the headquarters of Iberia in Barcelona, will undergo a comprehensive renovation, which will require the injection of an additional €25 million. The operation has been advised by CBRE.
Twin Peaks Capital was founded in Madrid in 2016 and its capital is split between the Escoda brothers and its CEO, the former director of Knight Frank, Ernesto Tarazona.
Original story: Expansión (by Marisa Anglés)
Translation: Carmel Drake